Newswire (r)

Singapore/STIC/Burma -2: No Response To Bid Since Last Yr
SINGAPORE (AP-Dow Jones)--Conglomerate Singapore Technologies Industri=
al
Corp.'s (STIC) said Monday its construction arm is likely to fail in its =
bid to
build and design an international airport in Mandalay, Burma.
STIC said its construction unit, Singapore Technologies Contruction =
Pte.
Ltd., had signed a memorandum of understanding (MOU) with the Burmese =
Ministry
of Transport in June last year to build the airport. Formal agreements we=
re to
be finalized within six months.
A formal bid for the construction works was submitted by ST Constructi=
on in
December last year to the Burmese authorities, STIC said.
But as the MOU has already expired, and the Burmese authorities haven'=
t
responded to STIC's bid, STIC believes that it 'will not, in all likeliho=
od, be
awarded the contract.'
The development of the airport is estimated to cost $500 million (Sing=
apore),
STIC said in an earlier statement.
STIC closed Monday 12 cents lower at S$3.16 on a volume of 420,000 =
shares
traded.
(END) AP-DOW JONES NEWS 12-02-96
1035GMT